Philadelphia Tax – OHCD Phila http://ohcdphila.org/ Mon, 26 Jul 2021 08:18:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://ohcdphila.org/wp-content/uploads/2021/06/icon-5-150x150.png Philadelphia Tax – OHCD Phila http://ohcdphila.org/ 32 32 Best Personal Loans for Bad Credit for 2021 https://ohcdphila.org/bad-credit-loans-no-credit-check-our-credit-loans-for-bad-credit-range-from-100-to-1000/ https://ohcdphila.org/bad-credit-loans-no-credit-check-our-credit-loans-for-bad-credit-range-from-100-to-1000/#respond Tue, 20 Jul 2021 06:48:45 +0000 https://ohcdphila.org/?p=689 Best Personal Loans for Bad Credit for 2021Poor credit affects people from all walks of life. A low credit score may result from expensive medical treatments, career setbacks, or improper financial management. Whatever your case, if you have poor credit, the good news is you have several loan options available. At https://bridgepayday.com/, we look at the best personal loans for bad credit. […]]]> Best Personal Loans for Bad Credit for 2021

Poor credit affects people from all walks of life. A low credit score may result from expensive medical treatments, career setbacks, or improper financial management. Whatever your case, if you have poor credit, the good news is you have several loan options available. At https://bridgepayday.com/, we look at the best personal loans for bad credit.

Lending Sources for People With Bad Credit

Loan Aggregators

Loan aggregators are not direct lenders but, multi-lender marketplaces that give you access to various lenders. Aggregators collect the financial and personal information on your application and match you with lenders who serve your credit level.

Each lender who participates in loan aggregator platforms has individual credit scores and income requirements, but some serve all credit profiles. Loan aggregators are ideal if you are looking for an unsecured loan with poor credit.

You can choose from several online loan aggregators, but the most reputable platforms are Fiona and Credible.

Credible is a loan aggregator providing you with the opportunity to get loan offers from one or more lenders. With Credible, you complete and submit a single loan application and then receive offers from lenders within minutes.

Loan programs from Credible include refinance student loans, private student loans, personal loans, credit cards, and mortgages.

Fiona is another popular loan aggregator available to people with all credit scores. This platform uses a soft credit pull, so you can shop around for loans without worrying about taking a credit hit. Fiona’s products include personal loans, credit cards, and student loan refinancing products.

Personal Loan Lenders

Getting a loan from online personal loan lenders is a quicker and easier alternative than dealing with a loan officer at your local bank branch. You can apply online, and the entire process takes only a few minutes.

Applying with personal loan lenders also allows you to compare offers from various lenders and select the best rates. Here are some popular personal loan lenders to consider:

Monevo offers a convenient process for finding loans of up to $100,000 online, and you can compare loan offers from as many as 30 lenders with a single application. Some of Monevo’s lenders serve credit levels with scores from 450.

OppLoans offers loan amounts of up to $4,000, with interest rates ranging from 59% to 99% APR. The company’s interest rates are high, but there are no minimum credit score requirements.

The benefits of taking a personal loan from OppLoans include funding within two business days. OppLoans can also report your payment history to the three credit bureaus to improve your credit profile.

Upstart accepts borrowers who are new to credit, including recent graduates and students. Loan amounts from Upstart range from $1,000 to $50,000 and interest rates range from 6.16% to 35.99% APR.

LendingClub offers loans of up to $40,000 and charges an origination fee of 3% – 6% of the loan amount. You can select a term of either 36 or 60 months with an APR ranging from 8.05% to 35.89%.

P2P lenders

Peer-to-peer (P2P) lenders are platforms that match borrowers with individual lenders. Each P2P company offers unique investment and lending products. For example, some P2P lenders offer unsecured loans, while others offer asset secured loans.

Popular P2P lenders include Prosper and LendingTree.

Prosper is a peer-to-peer lending marketplace where you can apply for personal loans with terms of three to five years. If you qualify as a borrower, you can get a loan of $2,000 to $40,000 with no collateral.

The minimum criteria to qualify for a Prosper loan includes a debt-to-income ratio below 50% and no bankruptcies in the past year. You don’t need a minimum income to qualify, and you can use the loan for any purpose, including debt consolidation, medical expenses, and home improvements.

LendingTree is a loan comparison website that is free to use. Lending products available through LendingTree include home loans, credit cards, personal loans, and student loans. You can also find a loan on LendingTree to start a business.

How Does the Coronavirus Pandemic Affect Bad-Credit Loans?

In response to the COVID-19 pandemic, many lenders and banks allowed their existing borrowers to postpone their loan payments or waive fees. However, to mitigate their risks, many lenders increased the minimum requirements prospective borrowers have to meet.

Since the start of the COVID-19 pandemic, lenders and financial institutions changed loan requirements such as minimum income, credit score, business experience, or loan usage restrictions. Some lenders now also require that you submit a business plan or financial statements with your loan application.

Related: 6 Financial Lessons to Learn from the Coronavirus Pandemic

While it is more challenging to get a loan with a bad credit during the coronavirus pandemic, you have several options available.

If you lost your job due to the pandemic, you might be eligible to get a coronavirus hardship loan. Credit bureaus and financial institutions offer this personal loan as short-term relief to help their communities.

You should also shop around for the best rates. Currently, interest rates are low, and if you qualify for a bad-credit loan, your borrowing costs will be relatively low. Some lenders specialize in bad-credit loans, and you should find out what pre-qualification options they have available.

When searching for loans, start with the financial institutions where you already have accounts. A bank is more likely to approve a loan for existing clients.

Related: Best Bank Accounts for Bad Credit

Loan Sources to Avoid

If you have a low credit score, you may think you should take what you can get. However, some loan sources’ borrowing costs are too high, and you are better off spending the time to find a loan with the best rates. Below, we look at loan sources to avoid.

Subprime Loans

Various lenders offer subprime auto loans to borrowers with low credit scores. However, subprime loans are generally expensive and come with high interest rates. Some subprime interest rates are three times higher than those for an average auto loan.

Subprime auto lenders are willing to extend loans to borrowers with low credit scores because of the high profit potential. If you fail to make your loan payments, some lenders will have no problem repossessing your car and selling it to the next borrower.

You also run the risk of a loan default, which will lower your credit rating even further. In some states, you will remain liable for the outstanding loan amount after repossession.

No-Credit-Check Loans and Guaranteed Approval Loans

The loan sizes and repayment mechanisms of no-credit-check and guaranteed approval loans are similar to those of installment loans. However, the interest rates and hidden fees of these loans are significantly higher. For example, the APR on a guaranteed approval loan can be as high as 500%.

Payday Loans

With payday loans, you borrow the amount you need from the lender and pay it back when you receive your next paycheck – along with an additional fee. These loans typically don’t involve a credit check or application process, but they come with a high borrowing cost.

A payday lender can charge a fee of up to $30 or higher for every $100 you borrow. Even a relatively low fee of $15 for a payday loan of $100 amounts to an annual interest rate of 390%.

Payday loans may seem like the ideal short-term solution if you need cash immediately. However, with the quick turnaround times for these loans, borrowers often need to repeatedly renew their loans, which ramps up fees.

Related: 

How to Choose the Best Bad-Credit Loan Company

Several factors determine the best bad-credit loan company for your needs and financial situation.

  • Eligibility requirements: Before lenders extend you a loan, you have to meet specific requirements. Institutions will typically list minimum credit scores, minimum income, and maximum debt-to-income ratio as requirements.
  • Interest rates and loan fees: The borrowing costs of a loan are significant in choosing the best bad-credit loan company. While these costs are generally higher for borrowers with bad credit, you should spend some time shopping around and find the cheapest loan.
  • Repayment term: A short loan repayment term is best if you want to minimize interest or do not want to remain in debt for long. On the other hand, if you want to reduce your monthly loan repayments, select a loan with a longer repayment term of 6 to 12 months.
  • Lender: If you prefer to do business in person, consider applying with your local bank branch or credit union. Online lenders such as loan aggregators don’t provide a personal service, but their interest rates are generally the lowest.

Types of Bad-Credit Loans

Cash Advances

A cash advance is a short-term loan that credit card issuers offer their clients. When you take out this loan, you’re borrowing cash against your card’s available balance. A cash advance is one of the most convenient types of bad-credit loans, but they are expensive.

Cash advance fees are the most significant expenses of cash advances. You’ll either pay a flat fee per cash advance or a percentage of the cash amount. The interest on a cash advance is typically much higher than the rate on purchases. The interest will also start accruing immediately upon approval.

You should only consider this type of loan if you have an emergency. If you rely on cash advances to pay for everyday expenses, consider using the services of a credit counselor.

Related: Best Cash Advance Credit Cards

Bank Agreements

Bank agreements are minimal overdraft agreements or short-term loans that banks offer their clients as part of their financial products. Banks typically offer agreements to clients with low credit scores. However, to be eligible for these loans, you may have to meet several requirements that include a steady income.

A short-term loan or overdraft agreement is ideal if you need funding fast for a specific purpose. Bank agreements are not suitable to fund everyday expenses, as their interest rates and fees are relatively high.

Contact your local bank branch to find out if they have bank agreements available.

Personal Loans

A secured or unsecured personal loan is a standard form of credit, allowing you to consolidate multiple high-interest debts or make a large purchase. Personal loans generally have a lower interest rate than credit cards, and their loan limits are high, but you need to meet several requirements to qualify.

With a secured loan, the lender requires collateral — for example, your home or vehicle. An unsecured loan, on the other hand, doesn’t have any collateral requirements.

If you have a low credit score, you’ll find it easier to get a secured loan. Unsecured loans generally have a higher interest rate and low loan limits, but you don’t run the risk of losing your assets if you fail to make the payments on time.

Home Equity Loans for Poor Credit

Home equity loans are similar to secured personal loans. With this type of loan, you borrow a lump sum of cash, using your home’s equity as collateral. If you fail to pay the loan’s fixed monthly installments, the lender has the right to seize your property.

A home equity loan is easier to get than an unsecured personal loan if you have a low credit score, provided that you have a property to offer as collateral. The interest rates of home equity loans are generally lower than those of personal loans and credit cards.

Whether or not this loan is ideal for you depends on your risk tolerance. If your income is too small to support your lifestyle and make your monthly loan repayments, you run the risk of losing your home.

Home Equity Line of Credit (HELOC) for Poor Credit

In essence, HELOCs are similar to home equity loans. You borrow from a lender such as a bank or credit union with your home as collateral. However, instead of borrowing a lump sum of cash, a HELOC allows you to borrow money as you need it — similar to a credit card.

This type of loan is ideal for funding long-term projects, for example, multiple home improvement projects over a year. A HELOC is relatively easy to get if you have a low credit score, but you have to repay the funds at a variable rate.

Related: Can You Really Pay Off Your Mortgage Early with a HELOC?

Student Loans for Poor Credit

A common problem among students is that they don’t have the credit history to get a loan and pay for their education costs. In many cases, education funding is not the purpose of standard personal loans.

Student loans for poor credit are often the only way to get funding for tuition fees, textbooks, and accommodation. If you have a low credit score, the lender may require a qualified person to co-sign the loan agreement.

The rates and fees of student loans vary from lender to lender. If someone is willing to co-sign your agreement, shop around to find the best rates. A high interest rate can increase your borrowing costs significantly over the long run, so it is critical not to accept the first loan offer you receive.

Learn More: 

How to Spot Bad-Credit Loan Scams

Fraudsters often use bad-credit loan scams to access your sensitive personal information or collect upfront collateral or fees without lending you any money.

  • No approval process: Before making you a loan offer, authorized financial services and credit providers will obtain and check your credit report and assess your income and payment history. A lender who extends a loan offer without evaluating your financial situation is likely a scammer.
  • Unsolicited calls:  If you haven’t recently applied for a loan, reputable lenders will not contact you via phone or email with an unsolicited loan offer. When a lender calls you, requests your personal information, and guarantees approval without doing a credit check, be careful.
  • The lender tries to pressure you: Scammers often try to pressure targets into accepting their loan offers by offering low interest rates for a limited time. Reputable lenders don’t use hard-sell tactics, and their loan offerings are generally consistent over time.
  • No license to operate in your state: According to the Federal Trade Commission, all lenders should register as credit providers in the state where they do business.
  • Upfront payments: Legitimate lenders will never require upfront cash payments before starting the application process. Another red flag is if the lender asks for loan repayment in the form of a prepaid credit card or gift card.
  • No secure website or physical address: When researching a lender, ensure that its website address for any sensitive data entry starts with “HTTPS” and displays a padlock symbol before you enter your personal information. The website should also list a physical address for the company.

What Is Considered Bad Credit?

Different credit scoring models exist for determining a person’s creditworthiness. The three main credit bureaus — Experian, TransUnion, and Equifax — developed VantageScore®, a model that many lenders use:

  • 300 – 499 (very poor)
  • 500 – 600 (poor)
  • 601 – 660 (fair)
  • 661 – 780 (good)
  • 781 – 850 (excellent)

Several factors can lower your credit score. For example, if you repeatedly miss payments on your credit card, apply for a lot of credit in a short time, or frequently change your address, your credit score will drop.

Bankruptcy, court judgments, and mistakes on your report can also harm your credit score. If your credit score is low, lenders will see you as a high-risk borrower, reject your application, or offer you credit at a higher rate.

Fortunately, there are steps you can take to improve your credit score.

How to Improve Your Credit (Experian Boost)

The most effective way to increase your credit score is with Experian Boost™, a free service allowing you to link your telecom and utility accounts to your Experian credit report. Every time you make an on-time payment to the linked credit accounts, your credit improves.

To sign up for Experian Boost, you must have at least one active account, such as a credit card.

Examples of eligible payments you can link include:

  • Landline and mobile phones
  • Cable, satellite, and internet
  • Gas, electric, and solar
  • Water and sanitization
  • Streaming subscriptions, including Netflix®, HBO™, Hulu™, Disney+™, and Starz

Learn More: 

Document Requirements for a Loan Application When You Have Bad Credit

When applying for a loan with bad credit, you need to submit several documents. The specific documents a lender requires depend on the loan type, but they generally include:

  • The lender’s loan application: Each lender has specific application forms you have to complete and submit.
  • Proof of identity: Most lenders require two identification documents, such as your passport, state-issued ID, driver’s license, or Certificate of Citizenship.
  • Proof of address: Documents such as a utility bill or rental agreement proves your lifestyle’s stability.
  • Income-verification documents: Lenders require income-verification documents for bad-credit applications, including recent pay stubs, tax returns, 1099s or W-2s, and bank statements.
  • Vehicle details: If you apply for an auto loan, you have to provide your vehicle’s make, model, VIN, and resale value.
  • Reason for your application: If you have bad credit, the lender may require that you furnish a written explanation of your situation and extenuating circumstances — for example, divorce, job loss, or medical problems.

FAQs

The amount you can qualify for with bad credit depends on several factors, including the loan type, your credit score, and the lender’s loan policy. Whether the loan is secured or unsecured also determines the loan amount. In the case of a secured personal loan with collateral, you can borrow higher amounts, even if you have a low credit score. Personal loan amounts generally range from $1,000 to $50,000. However, to borrow at the high end of this range, you will need a sizeable, steady income and an asset you can put down as collateral.

It is possible to get a loan if you are unemployed, especially if you earn regular income in the form of stock dividends, Social Security benefits, disability income, or child support. If you can back your application with an excellent credit score, lenders may grant you a loan if you are unemployed. Unemployed applicants with a low credit score are rarely successful with loan applications. In these cases, lenders are often apprehensive about making loan offers, even if you’re applying for a secured loan with a high-value asset as collateral.

If you are applying for an unsecured loan, you don’t have to put down collateral. Unsecured loans are viable options for borrowers who don’t own assets. However, if you have a low credit score, lenders are more likely to qualify you for secured loans.

Borrowers often prefer to apply for loans at credit unions, which are not-for-profit institutions that offer loans at lower interest rates and with more flexible terms. If you have a low credit score, credit unions and banks are not your best options. Financial institutions implement standard qualification procedures that include assessing your credit history, collateral, and cash flow. The loan officers of credit unions are more subjective in their evaluation than banks, especially if you have a deposit with them or add a co-signer. However, if your credit score is below the institution’s cut-off level, your application is unlikely to be successful.

With some loan types, lenders don’t require a credit check, but they compensate for the increased risk by charging high interests and fees. Additionally, lenders who don’t do credit checks tend to implement more aggressive collection tactics, including your assets’ repossession. When a lender doesn’t require a credit check, make sure you don’t walk into a loan scam. In these cases, the lender will often charge an upfront fee.

Most lenders require that you have a checking account so they can gauge your banking and payment history. If you don’t have a checking account, you can still get a loan, but you will likely have to offer collateral. You can also apply for payday loans without a checking account, but this type of loan is expensive.

Final Thoughts

Are you looking to apply for a loan with bad credit? You have several options available to secure a loan at affordable rates and fees. Start by improving your credit score with Experian Boost, and organize your finances to ensure that all your payments go out on time.

When shopping for loans, stick to reputable lenders such as banks, credit unions, online loan aggregators, and Peer-2-Peer lenders. Collect as many loan offers from lenders as you can, and make sure that you accept the offer with the lowest interest rates and fees. The loan term should also fit your financial situation.

Before accepting a loan offer, ensure that there are no limitations so that you can use the loan for whatever purpose you want.

Read More:

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How long does a voluntary pension stay on my credit reports? https://ohcdphila.org/how-long-does-a-voluntary-pension-stay-on-my-credit-reports/ https://ohcdphila.org/how-long-does-a-voluntary-pension-stay-on-my-credit-reports/#respond Mon, 19 Jul 2021 12:02:11 +0000 https://ohcdphila.org/how-long-does-a-voluntary-pension-stay-on-my-credit-reports/ A voluntary repossession can stay on your credit reports for up to seven years, which is also the length of an “involuntary” pension. However, a voluntary pension can still have long-term benefits and could mean less of a headache for you in the future. Impact of repossession on your credit Repossession, whether voluntary or not, […]]]>

A voluntary repossession can stay on your credit reports for up to seven years, which is also the length of an “involuntary” pension. However, a voluntary pension can still have long-term benefits and could mean less of a headache for you in the future.

Impact of repossession on your credit

Repossession, whether voluntary or not, lasts up to seven years and can dramatically lower your credit score. The exact point loss depends on your current credit history and score, but you could lose around 100 points or more after reporting a repo.

One of the more serious side effects of a recent repossession of your credit reports is that most traditional and subprime auto lenders typically don’t approve you for financing for up to 12 months after it is reported. After a year, your loan options begin to open again, provided you haven’t reported any other major defaults.

The good news is that anything on your credit reports loses some of its effectiveness over time. With each passing year, that repossession has less of an impact on your overall credit score.

But, if a voluntary repo lasts the same time as a traditional repo, why not just wait for the repo and keep the car as long as possible?

Benefits of voluntary repossession

There are four main advantages of returning your car over waiting for the company to collect the trailer:

  1. Control – A voluntary repossession puts you in control. You can let your lender know that you are voluntarily returning the vehicle to the dealership, remove your foreclosures, and plan your next steps at your own pace.
  2. Convenience – If you wait for the breakdown company to pick up your car, they can come pretty much anytime or anywhere: your workplace, your home or even while you are shopping. If the recovery company collects your vehicle with your personal effects inside, you must find a time to go to the place where the vehicle is stored and collect your belongings, since they do not have to bring you. send.
  3. To save money – Another advantage of giving up your car yourself is that you don’t have to pay the lender for the salvage company fees. When a lender hires a repo company, you are responsible for paying the bill. If you skip this step, that’s one less cost to worry about.
  4. Look better – When it comes to your future credit opportunities, a voluntary repossession may look better to future auto lenders than a traditional repossession. This could be seen as accepting the fact that you couldn’t keep the car any longer, and instead of waiting for a pension company to come in, you took control of the situation instead of dragging out the process.

What are my auto loan options after repossession?

As we mentioned earlier, most auto lenders do not consider financing borrowers if they have a repossession that is less than a year old. However, there are dealers who may be willing to work with you.

The Buy here pay here (BHPH) dealership may ignore the credit check, which means your recent repo will not affect your eligibility for a car loan. Often the most important factors in the eyes of a BHPH dealer are your income, who you are, and the amount of your down payment.

BHPH dealers use internal financing, so they take care of all car buying and financing themselves. In terms of vehicle options, used cars are what you are limited to.

You might be wondering what the “catch” is with a dealership that doesn’t check your credit – and you’d be right to ask. Auto lenders check credit scores to see your borrowing history and use it to assign your loan interest rates.

BHPH dealers who ignore the credit check typically award higher than average interest rates to compensate for the fact that they don’t review your credit history or score. You may also need to allow for a 20% down payment at a BHPH dealership, which is another way to make up for the lack of a credit check.

While BHPH dealerships can have some drawbacks, if you can’t afford to buy a vehicle with cash, these dealerships could be your answer to a car while you wait for repossession to loosen its grip on your car score. credit.

Before you go …

If you are about to voluntarily give up your car, we recommend that you call your car lender. Believe it or not, lenders also want to avoid repossession. Some lenders offer deferral programs or auto loan remedy opportunities. Contact your lender before you return your car to see if there is another way, and the sooner you act, the better your chances of getting a favorable outcome.

If your lender can’t help you and you no longer want the vehicle, it may be time to trade it in for something else. And if you’re worried that bad credit is hampering your auto loan possibilities, then work with us at Auto Express Credit. We have developed a nationwide network of special finance dealers who help borrowers in many difficult credit situations, and we want to help you too.

Fill out our free auto loan application form and we’ll find a local dealership that’s equipped to handle bad credit. There are never any fees or obligations, so get started right away.

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Is Leasing a Vehicle Good for Your Credit? https://ohcdphila.org/is-leasing-a-vehicle-good-for-your-credit/ https://ohcdphila.org/is-leasing-a-vehicle-good-for-your-credit/#respond Thu, 15 Jul 2021 12:01:29 +0000 https://ohcdphila.org/is-leasing-a-vehicle-good-for-your-credit/ Leasing a car can be good for your credit score – if you can handle the payments, of course! The tricky part of using an auto lease to repair your credit is qualifying for damaged credit. Can a car lease constitute a loan? Managing your car rental well can improve your credit score because it […]]]>

Leasing a car can be good for your credit score – if you can handle the payments, of course! The tricky part of using an auto lease to repair your credit is qualifying for damaged credit.

Can a car lease constitute a loan?

Managing your car rental well can improve your credit score because it can create a positive payment history that lasts for years, as long as you pay all installments on time. Like auto, traditional, and subprime loans, your payments are typically reported to one or more national credit bureaus (TransUnion, Experian, and Equifax) by your lessor.

Your credit reports generate your credit score, and your payment history makes up the majority of your FICO credit score – 35%. This category keeps track of your on-time, missed, and overdue payments associated with accounts reported on your credit reports. By simply staying up to date on your car rental, you increase most of your credit score.

Future lessors and lenders are usually more concerned with your payment history when applying for new credit because they want to see how you’ve handled loans / leases in the past. With a long history of making payments on time on your loans, leases and other bills, you improve your credit score and prove that you can afford to pay off your debts on time. Completing installment loans also shows future lenders that you are able to see your obligations through to completion.

However, you might not have as much time to build up your credit with a leasing compared to a car loan, since they usually only last 24 to 36 months. A car loan typically offers four to eight years of payment history because you are financing the entire sale price of the vehicle. With leasing, you only pay for the time you have available, which usually means a lower monthly payment and a much shorter term.

Can I get a lease with low credit?

Most leasing companies require tenants to have a credit score of around 660 or higher. If you are looking to get a rental car and build credit, you can increase your chances of qualifying for a rental by having a co-signer.

Co-signers allow you to “borrow” their good credit rating to help you meet lessor credit requirements. They also promise to pay off the lease if you become unable to do so, which adds security and increases your chances of qualifying.

If you don’t know anyone who can be a cosigner, then using a bad credit car loan to build your credit score may be a better route.

Auto loans also create credit

Auto loans are installment loans and can help you get a better credit score, just like auto leasing. In addition, there are generally more resources for bad credit borrowers looking to finance rather than rent.

Subprime lenders registered with special finance dealers are equipped to work in many unique and questionable credit situations, such as bankruptcy, past pensions, and no credit history. Instead of just using your credit score to see if you qualify for a loan, they look at the many moving parts of financial stability like your income, employment history, residence status, down payment amount and credit reports.

For borrowers with really bad credit, pursuing a Buy Here Pay Here Dealer (BHPH) may be the way to go if you are in need of a car loan right now. These dealerships often skip the credit check, so borrowers who are unable to secure traditional or subprime auto loans could get behind the wheel. BHPH dealers usually ask for your proof of income, driver’s license, require a deposit, and it’s usually a one-stop-shop experience.

Bad credit and need a car? Start here!

AT Auto Express Credit, we know that improving your credit score isn’t always as easy as getting a lease approved and paying it off on time. With low credit, it can be difficult to get approved for anything in the first place, putting you between a rock and a hard place. But thanks to our nationwide network of dealerships specializing in financing, we can help you get started with repairing your credit with a car loan.

Fill out our free auto loan application form and we’ll search for a dealership in your area who is registered with subprime auto lenders.

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How To Get A Debt Consolidation Loan If You Have Bad Credit https://ohcdphila.org/how-to-get-a-debt-consolidation-loan-if-you-have-bad-credit/ https://ohcdphila.org/how-to-get-a-debt-consolidation-loan-if-you-have-bad-credit/#respond Wed, 14 Jul 2021 07:00:00 +0000 https://ohcdphila.org/how-to-get-a-debt-consolidation-loan-if-you-have-bad-credit/ Editorial independence We want to help you make better informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and earn us a referral commission. For more information, see How we make money. It’s easy to get burdened with high interest rate debt, in particular. If you […]]]>

We want to help you make better informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and earn us a referral commission. For more information, see How we make money.

It’s easy to get burdened with high interest rate debt, in particular. If you have debts from multiple lenders. In order to stay afloat, you can make monthly payments that only cover interest, making virtually no progress towards paying off the principal balance.

But there is a way forward. Debt consolidation is a strategy that combines multiple debts into one payment at a lower interest rate, which can help you get out of debt faster. “If you have high interest debts under different accounts, consolidation is your best option,” explains Michel Foguth, founder of Foguth Financial Group, a Detroit-based financial planning firm.

Pro tip

If you are looking to take full advantage of debt consolidation loans, shop around.

One option is a debt consolidation loan, which is a type of personal loan issued to pay off debts. You then make payments on that loan instead of multiple creditors. But to get the best loan rates, you must have good credit.

Debt Consolidation Loan Alternatives

A debt consolidation loan can be the best solution for managing multiple high interest debts. However, this option is not available to everyone, especially when you have poor credit. If you have bad credit, you can work on improving your credit before you consolidate your debt. There are also other alternatives to a debt consolidation loan.

1. Negotiate with lenders

One option is to contact your lenders and negotiate to reduce the interest you pay on each debt. It may seem like a far-fetched scenario, but if you have a good repayment history, lenders will be more than willing to work with you to keep you.

2. Credit counseling

You can usually find free or low-cost credit counseling service from a non-profit organization. Emphasis is placed on education and capacity building in debt management. Credit counseling can also help break bad debt habits and establish a foundation of financially healthy behaviors to help prevent future debt scenarios. the National Foundation for Credit Counseling is a great place to start your research.

3. Bankruptcy

If your debt is completely unmanageable, you’re struggling to keep up with your bills, and finding other options to consolidate, negotiate, or settle debt with lenders doesn’t work, you may want to consider bankruptcy as a last resort. Bankruptcy is considered an extreme measure and an option of last resort, as it will remain on your file until 7 or 10 years, depending on the type of bankruptcy you are filing.

How To Get A Debt Consolidation Loan With Bad Credit

A credit score of 720 or better is best in order to get great rates and terms on a debt consolidation loan, according to Foguth. If your FICO score is below 600, it can be difficult to qualify for debt consolidation loans. A score below 580 is considered bad credit, according to the credit reporting company Experian, which will make it more difficult to qualify for this type of loan. Because the goal is to get a lower interest rate, you want to increase your chances of getting good loan terms.

Applying for a loan when you are sure you are approved is the ideal situation, as refusing a loan can have a negative effect on your credit score.

Here are some steps you can take to position yourself to get approved for debt consolidation loans.

1. Check your credit score and examine your credit report

You can get a good understanding of your creditworthiness if you check your credit score and examine your credit report. You can get a free copy of your credit report at annualcreditreport.com. Doing this in advance will help you avoid surprises when applying for a loan. When you review your credit report, identify any items that negatively affect your credit, such as errors. You can dispute any discrepancy by contacting the assessment agency with supporting documents.

2. Pay your debt on time

Financial institutions want to grant loans to customers with a good payment history. Paying your bills on time and catching up on your debt payments makes you a more attractive borrower. If you’ve missed a payment, you can call your lender and negotiate to avoid a penalty on your credit score and save money on late fees.

3. Optimize your current credit

Ideally, you should keep your debt ratio below 40%. For example, if you have a $ 1,000 credit limit, don’t carry more than $ 400 on that card, Foguth said. This suggestion applies to all of your lines of credit. One tactic is to work to get your debt ratio below 40% before applying for a debt consolidation loan. Additionally, you may want to avoid the temptation to open a new credit card. It is not wise to apply for new credit if you are considering consolidating your loans, as it will likely have a negative impact on your credit score.

4. Get a co-signer

If you have a family member or friend with good credit ready to co-sign a debt consolidation loan, this is an option to consider. By adding their name to the application, you will benefit from their good credit history. However, there is a significant downside. If you don’t pay off your loan on time every month, their credit score will suffer. Make sure your family member understands what’s at stake before you co-sign, and you need to be prepared to commit to paying your bills on time until the loan is over.

Where To Get A Debt Consolidation Loan With Bad Credit

When you are ready to apply for a debt consolidation loan, it pays to be prepared. You will need to provide information regarding your various debts, interest rates and loan terms.

Banks, credit unions and other financial institutions offer several options for debt consolidation loans. It’s important to shop around for the lowest interest rate and the best deal for your situation. “Don’t settle for the first offer you get,” Foguth said. “If you have average to good credit, you’re in charge; take it to your advantage. If you have bad credit, consider improving your credit before applying for a debt consolidation loan.

1. Brick and mortar locations

Going to multiple physical locations to find a loan can be time consuming. But investigating your options in person will prevent your information from being widely shared with other institutions. If you have a good relationship with your current bank, this is a great place to start. You can then visit other places to get more deals before you make a decision.

2. Online destinations

Buying online for a loan is convenient. It gives you a greater number of institutions to consider for your debt consolidation loan and can sometimes offer lower rates. However, this method carries the risk that your information will be shared with other companies beyond your control. “The Internet is great for shopping, but businesses will sell your information. As a result, you will receive multiple calls. If that’s right for you, this might be the best option for you, ”Foguth said.

How to handle debt consolidation

Once your debt consolidation loan is approved, your debt will be under one institution. This should make it easier to keep track of your bills, but you’ll still need to take proactive steps to manage your loan.

1. Create a budget

To take advantage of debt consolidation to pay off your debts, you have one major obligation: make payments on time and in full every month. If you’re worried about falling behind, it can be helpful to include the minimum payment amount as a cornerstone of your overall monthly budget. You will avoid guessing where this money will come from and you will be able to pay off your debt on a consistent basis.

2. Track your spending

Reviewing your spending on a weekly or monthly basis can help you stay on budget. It also helps identify patterns and behaviors such as overspending in a specific area, allowing you to adjust your spending in the future.

3. Configure automatic payment

Paying your bills on time will help improve your credit score. Missing a payment will likely cause the interest rate to rise, negating the benefits of debt consolidation – and you want to prevent that from happening. You can set up automatic payment to transfer the loan repayment amount each month (the ideal time for this transfer would be right after you receive your income) and this consistent habit can help you get your debt under control.

4. Pay more than the minimum payment

If that’s an option for you, paying more than the minimum payment owed on your loan will help you pay off debt faster and save money on interest charges in the long run. Even if it’s not within your financial means to do it every month, all the money put on your loan beyond the minimum payment will benefit you.

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Best credit cards without a credit check https://ohcdphila.org/best-credit-cards-without-a-credit-check/ https://ohcdphila.org/best-credit-cards-without-a-credit-check/#respond Tue, 13 Jul 2021 07:00:00 +0000 https://ohcdphila.org/best-credit-cards-without-a-credit-check/ Credit cards that advertise “no credit checks” may be attractive to those with low credit (FICO ratings of 629 or less) because their application will not impact your credit scores. But often these cards come with high fees and high interest rates – hence the name combine harvester cards. They can let you dodge this […]]]>

Credit cards that advertise “no credit checks” may be attractive to those with low credit (FICO ratings of 629 or less) because their application will not impact your credit scores. But often these cards come with high fees and high interest rates – hence the name combine harvester cards.

They can let you dodge this Hard shot on your credit report, but you’ll pay it off in the long run.

But some credit card companies – especially the newer startups in the space – don’t advertise both without a credit check and at no cost of any kind. Many of these so-called alternative credit cards have proprietary underwriting technology that can assess creditworthiness by looking at other factors, like your bank account, instead of traditional FICO ratings and credit history.

In short, if you have low credit, combine cards, and traditional cards secured credit cards are no longer your only options. Here are some low-cost, no-cost cards that don’t require a credit check.

Best credit cards without a credit check

Tomo Card

Our choice for: Rewards

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WHY WE LOVE

The Tomo card, issued by the Community Federal Savings Bank, is ideal for those with low or no credit. It earns 1% cash back and may offer a credit limit of up to $ 10,000, depending on eligibility. TomoCredit, the company behind the card, has proprietary technology that weighs many data points including, but not limited to, income (or potential income), account balances, and contact information. The bank uses this data to determine if you are a good candidate for the card.

To provide this information, you must link at least one account through Plaid, a third-party service provider. You can link a checking account, savings account, investment account or other eligible account. Payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. This is a must have feature when trying to establish credit because these companies collect the information used to calculate your credit scores.

DISADVANTAGES

After getting pre-approved for the card, there may be a long waiting period to receive the invitation to officially apply. The Tomo Card may also have some features that are not ideal for everyone. For example, you cannot carry over a balance from one month to the next with the card. Plus, it forces you to start with a seven-day schedule in which payments are automatically deducted from your bank account.

Mastercard credit growth

Our selection for: Subscriptions

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Credit check: The company only performs a gentle credit check, which will not affect your credit score.

Fresh: None with the free membership level. (The other levels will cost you dearly.)

WHY WE LOVE

The Grow Credit Mastercard is a virtual card issued by Sutton Bank that is user friendly for those with low or no credit. Grow Credit has proprietary technology that examines income to assess creditworthiness. To weigh this information, the company asks you to link a bank account through Plaid.

With the card, you choose one of three membership plans that help you build credit when paying monthly subscriptions or qualifying bills. For example, if you normally pay $ 8.99 per month for Netflix, you can make that payment with the Grow Credit Mastercard. Payments, if made on time and in full, will strengthen your credit. (Eligible subscriptions and invoices vary by membership plan.)

The line of credit is actually a installment loan and is reported this way to the three major credit bureaus.

DISADVANTAGES

You cannot use the card for transactions other than eligible invoices and subscriptions. You also cannot carry forward a balance from one month to the next. Plus, it’s tied to an installment loan, so it doesn’t stay open like a traditional line of credit. If you want to keep the loan open after the 12 month period, you will need to renew it.

Note that the two paid membership plans – the Grow membership level (cost about $ 60 annually) and the Accelerate membership level (nearly $ 120 per year) – are not worth the cost. It is money that you will not get back. You are better off with the free membership plan, or opt for a secure credit card which offers a chance to get your deposit back.

Chime Credit Generator

Chime Credit Generator

Our choice for: Chime users

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Security deposit: No initial security deposit is required. You decide your credit limit based on the amount you transfer to your secure account.

WHY WE LOVE

For those with little or no credit, the Visa Chime Credit Builder Secure Credit Card removes many of the limitations of traditional secure credit cards. A Chime expense account – a free bank account which allows you to receive direct deposits – is required to obtain the card. You will also need at least $ 200 in direct deposits made to the Chime spending account in the last 365 days to show that you have a source of income.

However, this card does not require an initial security deposit like many secured credit cards do, so you are not paying $ 200 which will be wrapped up and untouchable for an indefinite period.

You can also decide how much you spend. The money you transfer from the Chime spending account to the secure Credit Builder account determines the amount of your credit limit. So if you move, say, $ 25 to your secure account, you will be able to spend $ 25 with the card. The money in the secure account can also be used to pay off the balance, and these payments will allow you to accumulate credit. For example, if you spend $ 15 on gas with your secure card, you can use that same $ 25 to pay off the $ 15. Your payments are reported to the three major credit bureaus.

DISADVANTAGES

Visa Chime Credit Builder secure credit card requires a Chime spending account to qualify. It’s free to open one, but it takes some extra effort beyond just applying the card. And if you prefer the ability to carry a balance from month to month, this card doesn’t.

Nerdy tip: On July 6, 2021, nonprofit news organization ProPublica reported that Chime clients’ accounts were closed without notice, leaving them without access to funds. In the ProPublica report, Chime said many account closings were linked to fraud, but he also admitted that several of the closings were errors. If your account is closed by Chime or other neobanks without notice, there is some steps you can take to possibly remedy the situation. Act quickly by contacting the neobank to explain the situation. And, if you are not helped by the neobank, you can file a complaint with the Consumer Financial Protection Bureau.
Capital Bank Open Sky Secure Credit Card
NerdWallet Rating

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OpenSky® Secured Visa® Credit Card

Our choice for: Those who are not banked

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Security deposit: A minimum deposit of $ 200 is required.

Fresh: A $ 35 annual subscription. Depending on your transactions and payments, other fees may apply.

APR: The current APR is 17.39% variable APR.

WHY WE LOVE

the OpenSky® Secured Visa® Credit Card is a traditional secured credit card ideal for those with low credit. Among secured credit cards, this is one of the few that allows you to qualify without a credit check or bank account. It also reports payments to the three credit bureaus and allows you to keep a permanent balance.

DISADVANTAGES

The card’s minimum deposit requirement of $ 200 can be a hindrance for some. And while the $ 35 the annual fees are low, it is possible to find secured credit cards that do not charge an annual fee. the OpenSky® Secured Visa® Credit Card also doesn’t offer a way to switch to an unsecured card once you’ve established a good payment history, so you’ll need to close your account if you want to get your security deposit back.

GO2bank secure credit card

Our choice for: A low security deposit

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Security deposit: A minimum deposit of $ 100 is required.

Fresh: Annual fee of $ 0. Depending on your transactions and payments, other fees may apply.

APR: The current APR is 22.99% (at the time of writing).

WHY WE LOVE

The GO2bank secure credit card is a solid option for those with poor credit. To apply, you must have a GO2bank account and direct deposits totaling at least $ 100 within the last 30 days. There will be no credit check to apply, and it has a relatively low minimum security deposit requirement among secured credit cards: $ 100. The amount deposited determines your credit limit.

As with a regular credit card, the lower the credit limit, the less you’ll want to spend. Use less than 30% of your available credit limit can help your credit score. The GO2bank secure credit card also reports your payments to the three credit bureaus, which helps you build your credit.

DISADVANTAGES

In addition to the required security deposit, the GO2bank Secure Credit Card also requires that you have a GO2bank account to be eligible, which adds another step to the application process. It doesn’t offer a way to switch to an unsecured credit card once you’ve established a good payment history, so you’ll have to close your account if you want to get your security deposit back. The card also charges an overseas transaction fee of 3% on every purchase, so it’s not ideal for traveling overseas.

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Need to increase your credit score fast? Use these 5 tips https://ohcdphila.org/need-to-increase-your-credit-score-fast-use-these-5-tips/ https://ohcdphila.org/need-to-increase-your-credit-score-fast-use-these-5-tips/#respond Mon, 12 Jul 2021 20:07:59 +0000 https://ohcdphila.org/need-to-increase-your-credit-score-fast-use-these-5-tips/ Having bad credit can negatively impact your financial well-being in a number of ways, but these five tips can help you improve your FICO score fast. (iStock) Having bad credit can negatively impact your financial well-being in a number of ways. It can prevent you from saving money on monthly loan payments due to the […]]]>

Having bad credit can negatively impact your financial well-being in a number of ways, but these five tips can help you improve your FICO score fast. (iStock)

Having bad credit can negatively impact your financial well-being in a number of ways. It can prevent you from saving money on monthly loan payments due to the high interest rates, and it can also prevent you from drawing down a line of credit for loans like a mortgage, car loan, mortgage, car loan, mortgage, car loan personal loan, credit card or student loan.

However, credit experts can help you improve your bad credit or even achieve the coveted excellent credit score. In addition to paying bills on time, building a good payment history or keeping credit usage low, Rod Griffin, Experian’s senior director of consumer education and advocacy, offers the following five tips for quickly increase your credit score:

  1. Use Experian boost to instantly add points
  2. Open a secure credit account
  3. Become an authorized user
  4. Get a co-signer on a small personal loan
  5. Have your rent declared

HOW YOUR CREDIT RATING IS IMPACTED BY HARD AND GENTLE INQUIRIES

To check your rates and see what rates you could get on a personal loan, go to Credible to pre-qualify in minutes.

Use Experian Boost to instantly add points

Experience boost allows Americans to share their bank accounts with the credit bureau in exchange for an increase in their score when Experian reports their positive payment history. The credit bureau adds this payment history to your report, which will subsequently increase your FICO, VantageScore, and other credit scores.

It can help you improve your credit score and bring you closer to getting great credit. It can also establish a credit history for invisible credit, those who have never used credit and therefore have no score.

For those with thin credit records – five items or less on their credit report – or those with credit scores below 680, Experian Boost increased scores by 19 points on average, Griffin said. Those with higher credit scores and longer files saw an average 12 point increase thanks to Experian Boost.

Open a secure credit account

A secured credit card can help you build your credit by backing your credit card with something, rather than taking out an unsecured line of credit. You can usually back it up with a savings or checking account, or deposit a small amount of money to borrow. This allows you to start building or rebuilding your credit score. To view secure credit card options, visit Credible to compare terms and cards.

Become an authorized user

One of the easiest ways to improve your credit score is to become an authorized user of a credit card. If you have a friend, family member, or trusted partner, they can simply add you as an authorized user to their card, instantly adding it and its history to your credit profile.

WHY IS IT IMPORTANT TO HAVE GOOD CREDIT?

Many credit cards will not allow a joint application, but will allow you to add authorized users.

Get a co-signer on a small personal loan

Lenders will be more willing to lend money if you have a co-signer with a positive credit history. By co-signing the loan, they agree to repay the loan, if you are unable to do so. Adding a personal loan can also improve your credit mix, which is also good for your score.

HOW TO USE A PERSONAL LOAN TO INCREASE YOUR CREDIT RATING

However, it is important to keep in mind that if the principal applicant misses a payment or defaults on the loan, it will also have a negative impact on the credit of the co-signer. Check out Credible to compare the rates of several personal loans and see if you qualify.

Have your rent declared

Whether you are renting in a single-family home or in a large apartment complex, you can chat with your landlord about declare your rent. It could help you build a positive credit history.

“We have seen that in almost 100% of cases, if a person tries to establish a credit history, [reporting rent] will help them do it, ”Griffin said. “And it helps, in the vast majority of cases, a person improve their credit rating. “

YOUR CREDIT RATING COULD TAKE A BLAST AFTER GETTING A MORTGAGE, BUT DON’T WORRY

Final thoughts

The tips listed above are just a few ways to improve credit scores quickly. Consumers can also pay off debt to reduce credit usage or sign up for a credit monitoring service to keep tabs on their credit report and guard against identity theft.

“Raising your credit score is really about taking care of your credit report,” Griffin said.

Contact Credible to take control of your credit rating today and learn about options like personal loans that can help you pay off debt or build a credit history to quickly improve your credit rating. Credible can also help you monitor credit so you can spot errors in your credit report and protect yourself against identity theft by sending fraud alerts for unusual credit inquiries or other suspicious activity.

Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.

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Friday morning news – June 18, 2021 https://ohcdphila.org/friday-morning-news-june-18-2021/ https://ohcdphila.org/friday-morning-news-june-18-2021/#respond Fri, 18 Jun 2021 07:29:59 +0000 https://ohcdphila.org/friday-morning-news-june-18-2021/ For WORLD Radio, I’m Kent Covington. Democrats celebrate another legal victory for Obamacare ” Capitol Hill Democrats are celebrating yet another legal victory for Obamacare. The Supreme Court ruled for the third time on Thursday to leave the affordable care law in effect. SCHUMER: ACA is here to stay. And now we are going to […]]]>

For WORLD Radio, I’m Kent Covington.

Democrats celebrate another legal victory for Obamacare ” Capitol Hill Democrats are celebrating yet another legal victory for Obamacare.

The Supreme Court ruled for the third time on Thursday to leave the affordable care law in effect.

SCHUMER: ACA is here to stay. And now we are going to try to make it bigger and better.

Senate Majority Leader Chuck Schumer heard it.

In the 7-2 decision, four Conservative judges sided with the majority… including Amy Coney Barrett. Democrats described her as a threat to healthcare law during confirmation hearings last year.

The Republican-led challenge asserted that the individual mandate, which required most Americans to purchase health insurance or face punishment, was unconstitutional. The court upheld the mandate in 2012 because Congress has the power to levy a tax on people without insurance.

During President Trump’s administration, Congress reduced this tax penalty to zero. Republican states renewed their objection to the law saying it no longer conforms to the constitution because it does not include a tax.

But the judges said states did not have standing to prosecute because they could not prove that the law had caused them harm.

The High Court sides with a Catholic agency in a dispute over foster care ” Religious freedom advocates are also celebrating a big win in a separate case on Thursday. WORLD’s Anna Johansen Brown has more.

JOURNALIST ANNA JOHANSEN BROWN: The Supreme Court has ruled unanimously in favor of a Catholic foster care agency whose religious values ​​prevent it from working with same-sex couples as parents reception.

Judges said the city of Philadelphia violated Catholic Social Services’ First Amendment rights by limiting its work with the group on its policies.

Chief Justice John Roberts wrote that CSS — quote— “seeks only an accommodation that will allow him to continue serving the children of Philadelphia in a manner consistent with his religious beliefs; he does not seek to impose these beliefs on someone else.

An attorney for the Becket Fund for Religious Liberty who advocated on behalf of Catholic Social Services applauded the decision. In a statement, Lori Windham of Becket said: “It’s a beautiful day for the highest court in the land to protect foster mothers and the 200-year-old religious ministry that supports them.”

Report for WORLD, I am Anna Johansen Brown.

Baker Chirstian to appeal discrimination ruling in religious freedom case ” Meanwhile, in Colorado, Jack Phillips is still locked in a legal fight over his First Amendment rights.

The Christian owner of Masterpiece Cakeshop has won a lawsuit in the United States Supreme Court after refusing to support a wedding cake for a same-sex couple. But he is now fighting another case in which he was accused of discrimination after refusing to bake a cake celebrating a gender transition.

District Court Judge A. Bruce Jones ruled this week that Phillips discriminated against transgender lawyer Autumn Scardina, who demanded the cake.

Phillips is appealing the decision. The Defending Freedom Alliance, which defends Phillips, issued a statement saying “Every American should have the freedom to live and work according to their beliefs without fear of government sanctions.”

The State of Texas plans to go it alone on the border wall ” Texas Governor Greg Abbott said his state would spend up to $ 250 million to build more barriers along the south Texas border.

ABBOTT: We’re going to build the wall. We will secure the border. But more importantly, we will restore safety to the citizens who live in the Lone Star State.

The governor’s office is also in the process of outsourcing funds for more hurdles… by creating a website and a post office box where people can donate money to the effort.

The governor said the Biden administration is choosing not to enforce national immigration laws and that communities in Texas are paying the price in the form of increased crime and drug trafficking. This, he said, forced the state to act on its own.

Questions remain as to how far the state can take a project for which the total cost, duration and schedule are unclear. And the effort could face legal challenges, including from the federal government.

Abbott has said he wants the U.S. government to return the land obtained for the border wall and return it to private citizens who can allow Texas to complete the job.

Hong Kong newspaper editors arrested under security law ” Hong Kong police on Thursday used China’s new national security law to arrest five editors and executives of a pro-democracy newspaper. WORLD’s Kristen Flavin has more.

KRISTEN FLAVIN, JOURNALIST: Thursday’s arrests mark the first time the Chinese government has used anti-press legislation as part of a new crackdown on degraded freedoms in Hong Kong.

Police said they had proof that more than 30 articles published by Apple Daily played a “crucial role” in what they called a conspiracy with foreign countries to impose sanctions on China and Hong Kong.

Apple Daily has long been one of Hong Kong’s most vocal freedoms advocates. Apple Daily founder Jimmy Lai is currently serving a 20-month prison sentence after being convicted of playing a role in pro-democracy protests in Hong Kong in 2019.

Those arrested on Thursday included the editor of Apple Daily, the CEO of its publisher Next Digital and several editors.

Police also froze millions of dollars in assets belonging to three companies linked to Apple Daily.

Report for WORLD, I’m Kristen Flavin.

I am Kent Covington. For more information, features, and analytics, visit wng.org.


WORLD Radio transcriptions are created in the shortest possible time. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative recording of WORLD Radio’s programming is the audio recording.

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Philadelphia City Council Reaches Budget Deal with Less Anti-Violence Funding and Tax Cuts https://ohcdphila.org/philadelphia-city-council-reaches-budget-deal-with-less-anti-violence-funding-and-tax-cuts-2/ https://ohcdphila.org/philadelphia-city-council-reaches-budget-deal-with-less-anti-violence-funding-and-tax-cuts-2/#respond Fri, 18 Jun 2021 03:11:15 +0000 https://ohcdphila.org/philadelphia-city-council-reaches-budget-deal-with-less-anti-violence-funding-and-tax-cuts-2/ After weeks of protracted budget negotiations, Philadelphia City Council on Thursday evening brought forward a budget deal that includes $ 68 million for anti-violence initiatives and a scaled-down version of the payroll tax cuts proposed by Mayor Jim Kenney . The compromise on funding violence prevention programs broke a deadlock that left lawmakers shortly before […]]]>

After weeks of protracted budget negotiations, Philadelphia City Council on Thursday evening brought forward a budget deal that includes $ 68 million for anti-violence initiatives and a scaled-down version of the payroll tax cuts proposed by Mayor Jim Kenney .

The compromise on funding violence prevention programs broke a deadlock that left lawmakers shortly before the start of the fiscal year on July 1 to finalize spending and tax policies that will guide economic recovery of the city over the coming year as the pandemic abates.

The Council voted 16-1 pushing legislation forward, closing a day of private negotiations. Kenney has expressed support for the deal, which is slated to be voted on next week. The council added $ 89 million in spending over Kenney’s original proposal, for a total of $ 5.27 billion in the next fiscal year.

Council Chairman Darrell L. Clarke said lawmakers were focused on “investing in the people of Philadelphia and dealing with the significant racial and economic disparities revealed by the pandemic.”

“We still have a lot of work to do, but this budget deal delivers on that promise,” he said.

Kenney blessed the deal in a statement Thursday night.

“This budget makes significant investments to ensure the long-term safety, health and well-being of Philadelphia and our residents,” he said.

READ MORE: What’s holding up Philly’s budget talks? Everyone wants a slice of stimulus money – or to be a mayor.

The availability of $ 1.4 billion in federal pandemic relief funds slowed talks as lawmakers pushed to spend in favored areas – a far cry from the austerity budget that was quickly approved last year then that the economy was in free fall.

Hearings and budget negotiations focused on efforts to reduce violence, reform the police, tackle racial inequalities and increase employment opportunities, among other issues. Negotiations were also influenced by political considerations, with several members seen as potential mayoral candidates in 2023 and seeking to position themselves.

Funding for violence prevention programs other than police services, as the city faces an increase in homicides and shootings, was a major point of contention. At the end of last month, thirteen council members called for $ 100 million in new spending for things like community violence response, job training, trauma and healing services, and youth shelters. .

In the compromise orchestrated by Clarke, lawmakers instead added just over $ 68 million in new spending, according to an administration document outlining the funding. Some of that spending includes initiatives already included in Kenney’s proposed budget, and it wasn’t clear Thursday night how much that was really new money freed up during negotiations.

But council member Kenyatta Johnson called the new spending a “paradigm shift” in the way the city deals with violence, dramatically increasing funding for prevention programs, rather than spending more money on policing. . He said better programming would start this summer.

Part of the funding will go to nonprofits and other groups that already work with young people or communities affected by violence.

“We want to make sure that over the coming summer, after this budget is passed, you will see an infusion of support,” Johnson said.

READ MORE: Philly Executives Negotiate Anti-Violence Funding, Federal Aid, Tax Cuts As Budget Deadlines Approach

The budget also provides funding for police reforms, including changes in how the city responds to mental health crises. While Kenney has offered to keep police department funding flat from the current fiscal year, the budget amendment released on Thursday included an increase in police funding of $ 2.3 million.

Kenney proposed a $ 5.18 billion budget in April that would use federal stimulus assistance to help bring the city back to pre-pandemic spending levels, roll back some but not all of the service cuts it made. last year and resume a schedule of small annual wage cuts to business taxes that were suspended last year.

Lawmakers had their own priorities, and members varied widely on whether or not to cut taxes.

Kenney’s administration has proposed spending just $ 575 million in federal aid in next year’s budget, preserving the majority for years to come, when tax revenues are expected to remain depressed due to the effects persistent pandemic.

Many council members, however, pushed for a more aggressive spending plan, citing urgent needs after a year of increased unemployment and rising homicide rates.

Clarke presented the final plan to members in a series of one-on-one phone calls throughout Thursday afternoon. It was the last day on which Council, if following its usual rules, could advance the budget in time for the start of the fiscal year.

While the Board agreed to a payroll tax cut smaller than Kenney’s desired, it rejected his proposals for corporate tax cuts, as well as other tax cuts advocated by members Cherelle Parker and Allan Domb.

Clarke said the city should focus on tackling poverty and racial inequality instead of a blanket tax cut.

“I think the way you do it is to invest in our people,” he said.

The council amended the mayor’s tax proposal this week by reducing the size of the cut for suburban commuters who work in the city, while agreeing to his proposed tax cut for Philadelphia residents. The tax bill would reduce the payroll tax for city residents from 3.8712% to 3.8398%. For non-residents, the bill would lower the rate from 3.5019% to 3.4481%.

Together, they will cost the city about $ 23 million in diminished tax revenue next year.

Activists who opposed the tax cuts during the process denounced the payroll tax deal but celebrated the failure of other tax cuts.

“We are very pleased that city council has responded to pressure from Philadelphians who have opposed further tax breaks for business CEOs and parking millionaires who are already benefiting from the pandemic,” said Erme Maula, of Tax the Rich PHL, in a statement.

Other changes to Kenney’s budget proposal include $ 3 million in new spending for eviction prevention, $ 6.5 million for the Philadelphia Land Bank, $ 15 million for the Poverty Action Fund Council and a total of $ 7 million for various budget items for programs that support the arts, culture, and hospitality sectors.

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Utah’s “Real Housewives” Star Calls For Dismissal Of Fraud – NBC10 Philadelphia https://ohcdphila.org/utahs-real-housewives-star-calls-for-dismissal-of-fraud-nbc10-philadelphia/ https://ohcdphila.org/utahs-real-housewives-star-calls-for-dismissal-of-fraud-nbc10-philadelphia/#respond Thu, 17 Jun 2021 21:23:04 +0000 https://ohcdphila.org/utahs-real-housewives-star-calls-for-dismissal-of-fraud-nbc10-philadelphia/ “Salt Lake City’s Real Housewife” star Jenshah and her defense attorney forced her to give up her rights to Miranda when she was arrested in Utah, hence the New York Federal Federation this week. I asked the judge to dismiss the charges against her in the fraud case. Shah, 47, and his assistant have been […]]]>

“Salt Lake City’s Real Housewife” star Jenshah and her defense attorney forced her to give up her rights to Miranda when she was arrested in Utah, hence the New York Federal Federation this week. I asked the judge to dismiss the charges against her in the fraud case.

Shah, 47, and his assistant have been accused of telemarketing schemes in which federal prosecutors used hundreds of “vulnerable, often older, working-class people,” the Salt Lake Tribune reported. .. They both pleaded not guilty to multiple charges.

Shah faces several counts of conspiracy to commit wire fraud and money laundering conspiracies.

Prosecutors said the plan made people invest in online “business opportunities” and sold tax preparation and website design services, although many did not own computers. Declared.

Prosecutors accused Shah and his assistant of selling a list of potential victims generated by telemarketing “sales floors” in Utah, Arizona and Nevada. The owner of the retail space was reportedly involved in telemarketing in New York and New Jersey.

Shah was arrested on March 30 in Salt Lake City by New York detective Christopher Bastos after receiving a disconcerting call. She believed the appeal was related to her protection order against a man who had previously attacked her and had been convicted of several misdemeanors in New York City. After the call, she received another call from Bastos and believed he was also related to a protection order.

Bastos, who told Shah to shoot while driving for a shootout in Utah, arrested her as a suspect in a telemark fraud case. But when Shah asked her if she would go to jail, she made him believe that Bastos “might be in danger and the police might be there to help me”. I told the authorities.

Shah’s lawyer claimed that she was extorted, noting that Bastos knew of her history with a man who the prosecutor said was also involved in the planning of Shah and his assistants.

“Mr. Shah waived Miranda’s rights, but not voluntarily, but as a direct result of law enforcement deception and a calculated plot to thwart his will,” his lawyer said.

Her lawyer also said the prosecutor did not provide enough information to pursue the case, she said, “participating in plans with unspecified conspirators in unspecified locations and unspecified victims . Raise funds through an unspecified account of an unspecified financial institution at an unspecified period of eight or nine years while selling unspecified products or services to. “

Prosecutors say they have submitted more than a million documents and content from hundreds of electronic devices, saying lawyers cannot understand or respond to any particular claims. I go.

Shah’s defense attorney also claims Bastos was not the only one lying. They said the investigation, which was approved based on inaccurate or incomplete police statements, uncovered evidence.

Mr Bastos claimed to describe Shah as the “operator” of the two companies that allegedly negotiated with the outlet, but her lawyer said she was and was one of the “middle managers”. already. He said he was not one of the employees. As a result, lawyers claimed Bastos accidentally inflated Shah’s involvement.

Staff from the New York Police Department and the U.S. District Attorney for the Southern District of New York did not immediately respond to the Salt Lake Tribune’s request for comment.

Utah “Real Housewives” Star Calls For Dismissal Of Fraud – NBC10 Philadelphia

Source link Utah “Real Housewives” Star Calls For Dismissal Of Fraud – NBC10 Philadelphia

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Fulton and ACA: Supreme Court Culture War Day surprises https://ohcdphila.org/fulton-and-aca-supreme-court-culture-war-day-surprises/ https://ohcdphila.org/fulton-and-aca-supreme-court-culture-war-day-surprises/#respond Thu, 17 Jun 2021 21:08:18 +0000 https://ohcdphila.org/fulton-and-aca-supreme-court-culture-war-day-surprises/ The US Supreme Court remains capable of delivering big surprise decisions that don’t predictably break along partisan lines. This is perhaps an important takeaway from Thursday’s main rulings, in which a court dominated by Republican candidates upheld the affordable care law for the third time, and liberal justices joined in a unanimous decision. that Philadelphia […]]]>

The US Supreme Court remains capable of delivering big surprise decisions that don’t predictably break along partisan lines.

This is perhaps an important takeaway from Thursday’s main rulings, in which a court dominated by Republican candidates upheld the affordable care law for the third time, and liberal justices joined in a unanimous decision. that Philadelphia cannot ban a Catholic agency that refused to work with same-sex couples from foster parent screening.

Why we wrote this

The Supreme Court can, like America itself, be more partisan than ever. But Thursday offered two big deals that haven’t broken along predictable ideological lines.

“We hear all the time about divisions, polarization, culture wars and all that. But it is a 9-0 decision in a case involving religion and gay rights. And that’s important, ”said Richard Garnett, director of the Church, State and Society program at the University of Notre Dame’s law school, referring to the foster parent’s case.

Closely watched, the burning issues are not often decided unanimously by the High Court.

In fact, there is clearly a strong desire among judges, both liberal and conservative, to find common ground and identify areas of religious freedom where there can be broad agreement, says Walter Olson du Cato. Institute.

“They have to realize that there is this commitment on the part of the nine judges, and they are serious about it. … They all care about religious freedom, ”says Olson.

The Supreme Court of the United States remains capable of making big surprise decisions that do not predictably break along partisan lines.

This is perhaps an important takeaway from Thursday’s main rulings, in which a court dominated by Republican candidates upheld the affordable care law for the third time, and liberal justices joined in a unanimous decision that Philadelphia cannot ban a Catholic agency that refused to work with same-sex couples from screening foster parents.

“We hear all the time about divisions, polarization, culture wars and all that. But it is a 9-0 decision in a case involving religion and gay rights. And that’s important, ”said Richard Garnett, director of the Church, State and Society program at the University of Notre Dame’s law school, referring to the foster parent’s case.

Why we wrote this

The Supreme Court can, like America itself, be more partisan than ever. But Thursday offered two big deals that haven’t broken along predictable ideological lines.

The ruling on the Affordable Care Act – the great government-delivered health care expansion passed under Barack Obama – could mark the conclusion of a particularly bitter and protracted political struggle.

Republicans have tried, and failed, to end what they deem a costly act of government overtaking since its inception. While it is possible for opponents to launch another legal attack, its margin of protection in the High Court grows, with Thursday’s 7-2 ruling possibly sending the message that the ACA is the law of the land .

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